Russia's RIA Novosti news agency says that Venezuela is close to striking a deal with Russia on the procurement of several diesel submarines for its Navy, quoting a source in the Russian shipbuilding industry said Thursday.

The RIA Novosti source says negotiations have focused on the procurement of the new Amur-class diesel submarines and Project 636 low-noise submarines with Club-S integrated missile system.

Russia's Kommersant financial daily reports that Venezuela had approached Russia with a request to build nine diesel submarines, five of the Project 636 and four of the project 677 Amur boats. Kommersant estimates the deal could be worth $1 billion to $2 billion.